STR‘s July 2017 Pipeline Report shows 591,865 rooms in 4,899 hotel projects Under Contract in the United States. The total represents an 11.7% increase in the number of rooms Under Contract compared with July 2016.

Under Contract data includes projects in the In Construction, Final Planning and Planning stages, but does not include projects in the Unconfirmed stage.

In the In Construction stage, the U.S. reported 188,734 rooms in 1,436 projects. Based on the number of rooms, that is a 10.2% increase in year-over-year comparisons and a 1.0% lift from the previous month.

“We continue to see a back-and-forth pattern with the total number of rooms in development from month to month,” said Bobby Bowers, STR’s senior VP for operations. “The trend that has been easier to identify is the much lower rate of year-over-year growth compared with this time last year. Even with that slowing, supply is still growing at a healthy pace, and that will continue to be the case even as financing has become tougher to obtain.”

Among the Top 26 Markets, New York, New York, reported the most rooms Under Contract (26,990 rooms) and most rooms In Construction (14,714 rooms).